Let me share tips on how to handle your concern, donpaton.
When you transfer corporate shares between shareholders, let's assume that each business owner already has their own respective equity accounts, we'll have to pass a journal entry to make the required adjustments. Before doing so, it would be best to seek expert advice from your accountant to ensure your books are accurate.
To create a Journal Entry:
- Select + New.
- Select Journal Entry.
- Fill in the necessary information.
- Click Save and close.
For additional information on this, I recommend checking the following article about creating Journal Entry: Create a journal entry in QuickBooks Online.
In case you want to review the entries made, you can pull up or print a report for Journal Entries.
As always, you can find me here if you need more help with the reconciliation process. It's my pleasure to assist you. Have a good one.
